Question

A farmer borrows ₹ 8000 from a co-operative society for 2 years at the rate of 12 %. How much does the farmer have to pay at the end of two years?

Answer 1

Is the answer 1920 if yes than the method is
Principle * time * rate /100
8000*12*2/100. = 1920
If the answer is correct

Answer 2

Answer:

total amount = Rs. 9920

Step-by-step explanation:

Given,

principle amount,P = Rs. 8000

Rate of interest,R = 12 %

time,t = 2 years

total interest,$i\ =\dfrac{p\times R\times t}{100}$

                     $=\dfrac{8000\times 12\times 2}{100}$

                     = 1920

So, the total interset in two years will be Rs. 1920

Hence, the amount of money farmer has to pay at the end of 2 years = principal amount + total interest

                                   = 8000 + 1920

                                   = 9920

Hence, the farmer has to pay Rs. 9920 after the end of two years.